Mr. Ben Ward reports
WAYLAND REPORTS Q3 2018 RESULTS
Wayland Group Inc. has released its financial and operating results for the third quarter ended Sept. 30, 2018, and has filed the full report on SEDAR.
"Consistent with previous guidance, we reserved product for European export and the recreational market in Canada, which legalized cannabis for adult use on Oct. 17. We have successfully delivered product in Q4 to Alberta, British Columbia, Manitoba and Ontario after initial sampler packs in one-gram format were delivered prior to legalization, allowing consumers the ability to try a broader assortment of strains and familiarize themselves with cannabis. Our Kiwi, Northern Harvest and High Tide products have received positive acclaim. We continue to await regulatory approval in Canada for the remainder of our expansion, which will provide the company with greater supply capabilities," stated Ben Ward, chief executive officer of Wayland Group.
Highlights for the quarter include:
Entered into supply agreements to provide cannabis to B.C. Liquor and Ontario's OCS and delivered product;
- Directly received letter of intent for licence approval from the government of Malta;
Closed a private placement, raising gross proceeds of $37.4-million during the reporting period;
- Launched first cannabidiol (CBD) formulation utilizing patented drug delivery technology in a soft gel formulation loaded with 25 milligrams of CBD per capsule that utilizes the multipatented VESIsorb delivery system to ensure optimum absorption and bioavailability;
First high-yielding harvest and the beginning of CBD production in Germany. Wayland's European nutraceutical subsidiary, MariPlant, commenced the harvest of approximately 165 hectares (approximately 405 acres) of hemp, which resulted in 120,000 kilograms of extractable material;
- Shipped first CBD capsules to German market and pharmacies;
- Entered into non-binding joint venture in Italy with San Martino S.S. to expand global footprint, subsequently completed the definitive joint venture;
- Launched recreational products for the Canadian market. Kiwi was designed to simplify cannabis for people new to the product;
Zurich was chosen as the location for Wayland's first retail store.
All figures are stated in Canadian dollars. At Sept. 30, 2018, Wayland recognized revenue of $225,122 and $1,983,600 for the three and nine months ended Sept. 30, 2018, respectively, as compared with $721,035 and $2,525,000 during the same periods in 2017. The decrease in revenues can be attributed to the company shifting resources to address the recently legalized recreational adult-use market in Canada.
Additional details of the three and nine months ended financial results for fiscal years 2018 and 2017 under international financial reporting standards (IFRS) are available on SEDAR or on the company's website.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated Sept. 24, 2018.
About Wayland Group
Wayland is a vertically integrated cultivator and processor of cannabis. The company was founded in 2013 and is based in Burlington, Ont., Canada, and Munich, Germany, with production facilities in Langton, Ont., where it operates a cannabis cultivation, extraction, formulation and distribution business under federal licences from the government of Canada. The company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland, and Ibague, Colombia. Wayland has also announced transactions that will expand its global footprint to include operations in Italy and the United Kingdom.
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